IFA network Openwork has passed the 3,500 adviser mark.
The 3,521 total is an increase of 17 per cent on the same time last year, and adviser numbers were up in both Openwork and protection only subsidiary Owl Financial.
Openwork is the latest large network to report a significant increase in adviser numbers. The network is now rivaling St James’s Place, which reported its adviser numbers were up to 3,540 as at June 30.
Openwork chief executive Mark Duckworth says: “To continue growing our network, particularly as the total number of advisers in the UK falls, is very satisfying indeed. Alongside bringing in new business, this is a key plank of our strategy as we look to build on the strong financial growth that we have delivered over the last few years.”
According to data collated by trade body Apfa, now part of Pimfa, while the number of advisers is lower than before RDR, numbers have rebounded.
Blog: Why the ‘shrinking advice market’ is a myth
The number of staff giving advice dropped from 27,080 in 2009 to 23,865 in 2012, but are now around 24,761.
Just as important is the weighted average age of both independent and restricted advisers. This appears to remain stubbornly high suggesting nothing better than a new entrant for each adviser retiring. Either we add value or we don’t! If the former then lets try and boost numbers by graduate recruitment and not just transitioning life office staff.